03/26/2020
To date, COVID-19 has led to the forced closures of many businesses and commercial spaces worldwide, both temporarily and permanently. While some can adapt and continue to work in safe numbers or controlled environments, others have been left with no alternatives, resulting in unemployed and unproductive workers and workspaces. So, what does this mean for… Read more »
03/26/2020
The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will offer multifamily property owners mortgage forbearance with the condition that they suspend all evictions for renters unable to pay rent due to the impact of coronavirus (“COVID-19”). The eviction suspensions are in place for the entire duration of time that a property… Read more »
03/05/2020
No landlord wants to potentially lose a financially viable tenant merely because the landlord’s lender delayed in approving the proposed lease. Accordingly, it is important to negotiate certain parameters into the loan documents, under which the landlord’s lender pre-approves leases that satisfy certain predetermined criteria. Lenders are often receptive to language stating that only a… Read more »
03/04/2020
Borrowers, at the initial loan closing of an acquisition of investment real estate, often have plans to later develop and/or convey a smaller portion of the real estate collateral. However, depending on the size and nature of the lender, and the importance of the subject parcel, it may be expensive and/or time consuming to obtain… Read more »
11/08/2019
Many commercial real estate loans are “non-recourse,” which means in general terms that foreclosing on the real estate securing the loan is the lender’s sole remedy for a borrower’s failure to repay the loan. The lender is generally prohibited from suing the borrower entity or any individual guarantors to recover the unpaid debt or any… Read more »
11/07/2019
Borrowers often envision future alterations to enhance the economic value of the commercial real estate asset, when closing the initial loan. Such alterations can be in the form of capital improvements, tenant improvements, renovations, and/or expansions of the facility. At term sheet negotiation, the borrower should consider the long-term and short-term plans for the property,… Read more »
09/04/2019
The recently adopted Qualified Opportunity Zone Program (QOZ), introduced in 2017’s Tax Cuts and Jobs Act, is emerging as a potentially significant federal economic development tool that could improve the outcomes of distressed communities throughout the United States. Through the QOZ program, investors can inject capital into government-designated, economically-depressed communities and promote long-term economic growth… Read more »
08/28/2019
Vandeventer Black LLP is pleased to announce that two of its Business and Commercial Real Estate (CRE) legal team have been included in the 2020 Edition of The Best Lawyers in America. Since it was first published in 1983, Best Lawyers has become universally regarded as the definitive guide to legal excellence. Best Lawyers has published their… Read more »
08/15/2019
Vandeventer Black LLP is pleased to announce the return of Ray W. King to the firm’s Norfolk office as an Of Counsel attorney. King will continue to concentrate his practice on commercial real estate, real estate litigation, and commercial foreclosures. His commercial real estate practice encompasses all aspects of commercial real estate transactions including representing… Read more »
05/17/2019
A guaranty is an agreement under which an individual (or entity) agrees to satisfy the underlying obligations of a primary obligor if such obligor defaults on the underlying obligation. With respect to a lease guaranty, the guarantor is often the principal or owner playing a key role in the tenant entity or a parent/affiliate of… Read more »
